Sumitomo Mitsui Financial to Invest $1.52 Billlion in Indonesian Bank

Japanese bank Sumitomo Mitsui Financial Group Inc. said Wednesday it has reached an agreement to pay around $1.52 billion to acquire a 40% stake in Indonesian lender PT Bank Tabungan Pensiunan Nasional, joining other Japanese banks in strengthening their presence in rapidly developing Southeast Asian markets.

The move comes at a time when Japanese financial firms, some of the world's healthiest, are struggling to find growth at home. The economy of Indonesia, on the other hand, is expected to grow by more than 6% this...